Thus encouraged and stimulated, the Common Council resolved to proceed in earnest, and the Manhattan Company joining in the general impulse, made a proposition to

the Common Council for the sale to it, of all their immunities, rights and privileges of

every kind, relative to supplying the city with pure water, and of all the property, steam engines, pipes and hydraulic works, of every sort employed therein.

This proposition was frankly met by the Common Council, who, on 6th February, 1834, adopted a resolution accepting the proposal of the Manhattan Company, to enter into negotiation, for the aforesaid purpose.

On the same day, 6th February, 1834, the Common Council resolved to apply to the Legislature for a law authorising a loan of two and a half millions of dollars, by the creation of a stock to be called " The Water Stock of the city of New York-," at five per

cent., interest.

The law of the preceding year, authorising the appointment of Commissioners having expired, itbecame necessary to renew it, and accordingly on the 2nd May, the Legislature passed an act embracing this object, and that of the Common Council, for authority to raise money. As this act lies at the foundation of the noble enterprise of which we are recording the progress and. accomplishment, it is given entire.

AN ACT To PROVIDE FOR SUPPLYING THE ClTY OF NEW YORK WITH PURE AND WHOLESOME WATER. (Passed May 2, 1834.)

The People of the State of New York, represented in Senate and Assembly, do enact as follows :